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Obama’s 2013 Budget Arrives on Capitol Hill

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    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:07
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This transcript is automatically generated

This is this Imus in the morning from.

Around on the Fox Business.

-- -- -- -- Good morning everyone the -- Big story today is Greece -- -- drastic spending cuts.

Leading to riots in the streets there Ashley Webster is live in Athens this morning actually it looks like things come down a little bit but last night it looks like -- Harry.

Yeah it's certainly dead.

-- violent night no doubt about it.

About twelve hours ago there was some 100000 people on the street seven front of the Greek parliament building upset that -- make his work.

Debating and voting on another round of very deep austerity measures that -- -- that -- debate ending in a vote for indeed those measures by yeah.

By two thirds votes -- saying yes to no and that has not sat well with the Greek people who are already.

Facing yet another year of recession.

The violence spilling over mom into the streets surrounding the parliament building close to fifty building Saddam fire.

Quite a few injuries more than a hundred arrests but today -- -- quiet.

The question is so will Greece get the money it needs to pay its bills and has -- nineteen billion dollar bond redemption due on March -- -- so it needs the money now because it does not have that money to pay back its creditors now it's up to the EU.

To decide whether Greece.

And has done enough and will indeed make the reforms necessary in order for them to receive that next round -- of bailout money the question is.

Why does this matter to other countries.

Well there is significant exposure to Greek debt as we know private.

Bond -- right now negotiating a restructuring.

Which would perhaps lose 70%.

-- seventy cents on the dollar.

But take a look at these countries exposure France has 56 point seven billion dollar exposure up.

Germany 33 point nine billion.

The EUK fourteen point six billion dollars.

The US a relatively small -- a relatively small seven point three billion dollars of what happens here does have an impact.

Around the world it is -- though that Greece could finally get its books back in order.

And get back to us some growth but I got to tell you it's going to be a long whole and there are many who doubt that they will be able to do just that Diane.

And the world is watching -- thanks for that update.

And we have some breaking news now president Obama's proposed budget for fiscal 23 -- -- ride on Capitol Hill.

It is being delivered as we speak as you can see there the -- thirteen spending plan aims to cut the deficit by four trillion dollars over the next decade.

By restraining government spending and raising taxes on the wealthy.

It also seeks increases in transportation education and other areas.

Republicans are already weighing in saying the president isn't doing enough to tame the deficit and curb the growth the programs like Medicare.

The budget also calls for implementing the Buffett rule which would require households making more than one million dollars a year to pay at least 30% of their income.

In taxes.

And now let's take a look at the market this morning here in the US futures had been in the Green all morning Dow futures.

Almost at triple digits there up by ninety points so far the S&P is up by ten.

And the nasdaq's up by eighteen over in Europe besides that news from Greece there was also an Italian bond auction yields on the one year bills fell to 2.2 3%.

That's down from two point 75%.

In a previous auction and market there are also up London's up almost 65.

Harris is up almost 27 and Frankfurt's up almost 64.

Now let's get the latest reaction out of -- from nick Hastings senior correspondent with Dow Jones Newswires -- live in London and nick there's still a lot of things that happened before Greece gets the bailout money there -- break out some of the hurdles what are the chances that this deal could still.

Fall apart.

And I think that actually still pretty high on if you've got a government that is basically -- parliament that is basically -- -- them through.

But what about the Greek people in his -- with -- rise -- yesterday.

And it's quite likely that this is gonna -- -- so many hurdles and every single state so you've got to remember 130 billions of bailout.

But -- -- just pointed out nineteen billion is due on March 20.

At each stage so that they can handle this 130 -- -- -- -- is a EO David get suspended as you well it's a case at each stage.

Of the performance they will actually get the amount of money that they need at that stage once they have fulfilled all the terms.

This austerity package so in other words there's no wiggle room have for Greece now you've got because of the content -- are actually having elections of April those so called confirmed this morning.

We have a technocrat government who has done the negotiating on this package -- after the real politicians come into town and come back into government how they get -- -- -- -- We get into government basically expecting -- to attract votes by telling people yes we'll stick to the terms of the austerity package.

On -- -- one as a hard parts now is will happen when those elections roll around and how will the eurozone make sure that they you implement those cuts so thanks nick for that are out of time now.

But -- let's take a quick look at commodities oil and gold -- both up Imus in the morning continues right now.

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